Further to the verification by the International Atomic Energy Agency (IAEA) that Iran has implemented the agreed nuclear-related measures as set out in the Joint Comprehensive Plan of Action (JCPOA), the Council of the European Union terminated all EU nuclear-related economic and financial sanctions on 16 January 2016 (I).
This statement does not however mean that all business restrictions sanctions have ceased to apply to Iran. Some proliferation-related sanctions and restrictions against Iran will indeed still be applicable while the sanctions imposed by the EU in view of the human rights situation in Iran, support for terrorism and other grounds also remain in place (II).
Finally, enhanced due diligence is required for any operation with Iran whose anti-money laundering and combating the financing of terrorism (“AML/CFT”) regime is still considered to have substantial and strategic deficiencies (III).
This newsflash is intended therefore to provide you with general practical information concerning the lifting of EU sanctions, the scope and limits of this measure and also to remind you of Iran’s status with respect to the international AML/CFT framework.
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